People's United approves repurchase: Business briefs

Updated 9:30 pm, Friday, November 30, 2012

People's United Financial announced its board of directors has approved a new share repurchase authorization. Earlier this quarter, the company completed its previous share repurchase authorization, announced in October 2011, buying 18 million shares (at a weighted average price of $12.08 per share). Under the new authorization, up to 10 percent of the company's common shares outstanding, or 33.6 million, can be repurchased in the open market. The repurchase will be financed by cash on hand and proceeds from debt financing.